Beverage production and/or service industries are increasingly changing their marketing philosophies to promote the development. Your task is to choose a beverage production and /or service company...

Beverage Industry: Coca-Cola
Contents
Background    3
Coca-Cola    3
Target Audience    4
Pricing Strategy    5
The Philosophy of Color Selection    6
Cultural Values    7
Psychological Factors    8
Conclusion    9
References    10
Background
Considering the lucrative nature of the beverage industry, it is not unusual that several industries attempt to throw their novel products into the ring and find success. A strong beverage marketing philosophy is required for this to occur. Having anything that tastes great and that clients will relish is among the essential ingredients to accomplishment in this cutthroat and extremely competitive market (Lacy-Nichols, Scrinis & Carey 2020). However, there is indeed a lot more to maintaining progress and getting the product to the consumers who purchase it. Market orientation remains the best modern corporate philosophy in the planet's business schools and large corporations. Firms that follow this philosophy are applying market strategies. "Where significance is a feature of the organization's rather than the market's attributes," marketing orientation passes beyond corporate entrepreneurship in that it perceives necessary details in the market system (Crawford, Brennan & Khamis 2021).
This paper focuses on the marketing philosophies of the beverage industry to promote development. Moreover, the marketing strategy and philosophy of Coca-Cola have been outlined in this paper.

Coca-Cola
The Coca-Cola entity is an American company that was established in 1892 and is now chiefly involved in the production and selling of beverages and focuses on Coca-Cola, a carbonated soft beverage that has been a cultural phenomenon in the United States and a worldwide signifier of American tastes. Many undefined beverages and soft drinks are also produced and sold by the company. Coca-Cola was first produced in 1886 (Gertner & Rifkin 2017). Coca-Cola's goal was to create brands and beverage options that people would enjoy and that would fill them up in both spirit and body. Moreover, accomplished in contexts that contribute to the sustainability of the corporation and a better positive vision that improves individuals' lives, the environment, and communities. Pemberton advertised his beverage as a natural remedy for most common illnesses, based on cocaine from the caffeine-contained kola nut tinctures and coca leaf; the cocaine was excluded from Coca-Cola's formula around 1903 (Gupta & Singh 2020). Pemberton marketed his beverages to nearby soda fountains, and, with publicity, the beverages became massively successful. Diet Coke, a sugar-free, low-calorie, soft drink, was introduced in 1982. To address its declining market share, the corporation introduced a novel Coca-Cola flavour in April 1985, based on a formula established through taste tests. Moreover, Novel Coke was never well-received. Due to public pressure, Coca-Cola reintroduced its original flavor, which was then promoted as Coca-Cola Classic (Kayabas, Boyraz & Derdiyok 2018).

Target Audience
The corporation's brands vary from dazzling soft drinks to beverages and juice, and its customers are divided into groups based on their preferences and tastes. When it relates to flagship brands such as Diet Coke, the intended audience has been under 30 years old, as they have been recognised as the younger generation. On the other hand, routine Coca-Cola seems to have a more fully grown intended audience of 30 and over. Also, because the corporation has been there for over 125 years, it gives the older population of 31 and older a nostalgic feeling (Lacy-Nichols, Scrinis & Carey 2020).

Pricing Strategy
Coca-Cola's pricing strategy is what is called "meet-the-competition cost": Its product prices are determined around the similar threshold as those of their competing companies, since Coca-Cola must be deemed different while remaining reasonably priced. When it comes to pricing, companies can choose between competitor-oriented pricing, customer-oriented pricing, and profit-oriented pricing. Coca-Cola utilises lower price positions to enter a new market that is particularly price-conscious. They match or outscore the competition's price to increase brand awareness (Crawford, Brennan & Khamis 2021). Coca-Cola reshapes itself as a...